STEPN has released new GMT earning plans that aim to reward its most loyal users. The plans are also designed to incentivize community members to stay in the project in the long term.
Thanks for joining our #STEPN twitter spaces today. Read all about our #GMT earning plans here :https://t.co/zGYNoQmnkK
— STEPN | Public Beta Phase IV (@Stepnofficial) August 8, 2022
STEPN also sees the GMT earning plans as a way of giving back to its community. The M2E app will also explore several ongoing efforts to expand GMT utility in the future.
STEPN GMT Earning Plans: What to Know
The STEPN GMT earning plans will be governed by a series of rules. These rules are however dynamic and are subject to change in the future.
First, the move-to-earn platform has decided against imposing individual caps on GMT earnings. Instead, the app will take a more dynamic approach.
Earnings will be dictated by a dynamic stat called the GMT earning power. This power will vary every 5 minutes depending on the total number of live GMT earners on any given day.
Also, STEPN GMT earning plans will only be unlocked with Level 30 sneakers. Users must have at least 3 energies across all STEPN realms to qualify for the program as well. You can check out our in-depth article on how to get more STEPN energy.
STEPN GMT Earning Pools
STEPN GMT earning plans will be divided into four broader pools. These pools will determine how many GMT tokens can be earned in a day.
The most basic pool will be the Classic Pool which will get an allocation of 20% of all GMT earnings on any given day. All classic STEPN sneakers qualify for participation in this pool.
The other three pools will require the upcoming Rainbow series sneakers. STEPN is expected to launch the series in the coming weeks and you can learn more about them later in this article.
GMT Rainbow Pools
Nonetheless, the second GMT earning pool is the Rainbow pool. 30% of all GMT earnings available on a given day will be allocated to this pool. GMT earnings under this pool will be earned by Rainbow sneakers, 1 of 3 NFT sneakers that will launch as part of the Rainbow series. The Rainbow Sneaker is also the most basic of the 3.
STEPN’s third GMT earning pool will be reserved for Rainbow Plus sneakers. This is the 2nd intermediate sneaker NFTs in the series. The Rainbow Plus pool will get an allocation of 50% of all GMT earnings earmarked for a particular day.
Finally, STEPN will offer the 4th earning pool dubbed the Schadenfreude Pool. GMT earnings in this pool are earned by the Rainbow Infinite sneakers, the 3rd NFT sneaker in the Rainbow series, and the most valuable of them all.
However, the earning rules for this pool are yet to be decided. It is likely though that STEPN will make it as exclusive as possible.
Please also note that these pools will launch in phases. The classic earnings pool goes first while the other 3 will come later. Presumably, the Rainbow series pools will roll out as soon as the NFT sneakers in the collection hit the market.
Why Is STEPN Launching GMT Rewards?
STEPN launched for the first time with a dual token economy. The Green Satoshi Token (GST) is the main utility token. All earnings are paid in GST and all transactions, including Sneaker purchases, are done by the same GST token.
GMT on the other hand is the governance token. The primary goal of GMT is to vote on key changes on the STEPN metaverse. However, GMT is also used to level up sneakers and gain access to exclusive STEPN events.
There has never been any way to earn GMT from the game. Although users could still convert GST to GMT, it’s not the same thing as earning tokens directly. STEPN sees GMT earnings as the ultimate incentive to bring in more users while keeping a big portion of its current base.
After all, unlike GST tokens which could only be swapped for USDC under certain circumstances, all GMT tokens earned can be swapped immediately. This will create a more robust in-game economy. It will also incentivize GMT spending and expand token utility even further.
The Rainbow Sneaker Series: Details
The Rainbow Sneaker series is expected to be an integral part of STEPN GMT earning plans. The series will feature 3 generations of sneakers which include the Rainbow, the Rainbow Plus, and the Rainbow Infinite.
However, unlike regular STPEN sneakers, the Rainbow series will have certain peculiar attributes. First, the sneakers will not have Efficiency, Comfort, Luck, or Resilience scores.
Also, we are learning that the Rainbow series sneakers will have an unrestorable HP score. Once the Health points are depleted, the sneakers will no longer be usable. The HP diminishing rate will be standard across the 3 sneakers in the series.
How to Get Rainbow Sneakers
Rainbow series sneakers can be created through the normal sneaker enhancing mechanism in the STEPN ecosystem. The only difference now is that there is a possibility of getting a Rainbow sneaker.
For example, to get 1 rare sneaker, STEPN users can enhance 5 common sneakers, right? Moving forward, there will be a possibility of getting a Rainbow series sneaker when you do this.
The same also applies when you enhance 5 uncommon sneakers for an epic sneaker. However, this time there is a possibility of getting a Rainbow Plus sneaker. Details on how to get Rainbow Infinite sneakers are still unknown.
How STEPN has Shaped M2E
STEPN is the pioneer of the Fitfi or move-to-earn movement. The app has seen several major milestones ever since it stepped into the scene in late 2021. In its recent earnings report, STEPN made well over $122 million in Q2, 2022, making it the most profitable M2E app.
The app is now trying to carve out a piece of the global fitness market which according to this article by Entrepreneur.com stands at $100 billion. The biggest challenge though is to keep its growing community engaged.
Expanding the app’s value proposition is the first task. In fact, the STEPN GMT earning plans is perfect for this. While more and more competitors are joining the M2E fray, it will take a monumental effort to reach the kind of success STEPN has.